(Alliance News) - Randall & Quilter Investment Holdings Ltd said Monday it has acquired a US-based captive insurer from an unnamed investment firm with holdings in industries, real estate, marketable securities and other investments.
Captive insurance firms are wholly-owned subsidiaries that provide risk-mitigation services for a parent company.
R&Q has acquired Montana-based Vigneron Insurance Co Inc for an undisclosed sum, which will then be merged into the company's Vermont captive consolidator insurer, ICDC Ltd, in the first quarter of 2020.
VICI underwrites deductible reimbursement policies to cover the obligations under insurance policies taken out by affiliated entities.
ICDC was originally incorporated in Bermuda and was re-domiciled in Vermont in 2015, re-insuring workers' compensation, commercial general liability, business auto liability, business auto physical damage and property risks of its parent company.
Executive Chair Ken Randell said: "We are pleased to have completed the acquisition of VICI, our first transaction in Montana, and provided VICI's parent company with legal and economic finality for its captive.
"Our legacy pipeline remains strong across the group and we look forward to closing more transactions in the coming weeks."
Shares in Randall & Quilter were up 2.2% in London on Monday at 179.89 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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